Bangalore-based firm to set up mall in Chennai
Brigade enterprises, a Bangalore based real estate company, on Friday announced establishment of a shopping mall and a three star hotel at Chennai.
The company’s director Vinnet Verma told a press meet that the hotel would come near the TIDEL park here and the mall would come at Rajiv Gandhi Road, the IT corridor in the city.
It also wanted to create a land bank for construction of residential, commercial and hospitality property all over the country, he said.
The company would be tapping the capital market to fund the projects through its IPO.
Over 16.62 shares of Rs.10 each would be offered for sale in a price band ranging from Rs.351 to Rs.390 per share. The issue opens on December 10 to close on December 13,he said. Source: hindu
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Brigade group is really fabulous in Bangalore, and thier intention of Comming to Chennai is a very logical, well though about one which will pay off. But the one thing that I am concerned about is the flooding of malls on the Old Mahablipuram Road (OMR) which is our IT corridor in Chennai. Yes, there is a lot of growth there, but so much that it can accomodate more malls than Central Chennai itself? Only time will tell, but I sure do hope it works.
Yasser Rahman
Connection Point
Connection Point
Most of the malls will start functioning from 2009 since construction will take that much time,
Housing which is around 2 lacs of people are expected to live in that direction.
Scenario is like a Gurgoan or a Noida.